Solana Price Prediction as $300 Million Trading Volume Comes In – Can SOL Reach $100?
The price of Solana (SOL) has dipped to $21 today, marking a slight 0.4% loss in 24 hours and a 15% drop in the past week.
Despite these falls, SOL remains up by 110% since the beginning of the year, following the successful rehabilitation of Solana as a layer-one blockchain since a 2022 marred by outages.
And with SOL's 24-hour trading volume rising beyond $300 million, it's possible that this weekend's selloff will soon turn into a rebound, with the altcoin remaining oversold and undervalued relative to its fundamentals.
Solana's chart and indicators show that the altcoin is close to reaching a bottom of its recent downturn, with its relative strength index close to falling to 30 and possibly 20.
At the same time, SOL's 30-day moving average (yellow) is descending towards its 200-day average (blue), and once it falls below the longer term average it would be reasonable to conclude that the coin has bottomed out.
It will be interesting to see how Solana's support level (green) will hold up in the next few days, given that the altcoin has actually fallen through several short-term supports in recent days.
However, it's unlikely that it will fall or stay below its medium- and long-term supports, with the coin potentially bottoming at around $20 or $19.
From there, SOL should make a decent recovery, especially when nothing has fundamentally changed with Solana.
Solana's position remains as positive as it was prior to recent market-wide downturns, with the network recently celebrating 100% uptime in the past six months.
On top of this, Solana has also witnessed several important launches and expansions, with the Phantom wallet app, for example, rolling out a feature this week which enables users to be authenticated via only the use
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